Forex Trading Program Reviews

Forex trading program reviews

ForexBrokers.com is committed to the highest ethical standards and reviews services independently.

Forex trading program reviews

Advertiser Disclosure

FOREX.com Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

FOREX.com delivers an excellent trading experience for forex and CFDs traders across the globe.

With competitive pricing, full-feature trading platforms, comprehensive market research, and a robust mobile app, FOREX.com caters to traders of all experience levels.

FOREX.com Review

Top Takeaways for 2020

After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on FOREX.com:

  • FOREX.com is publicly-traded and regulated in four tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading.
  • FOREX.com earned Best in Class (top 7) awards for numerous categories in 2020, including Offering of Investments, Commissions & Fees, Education, Professional Trading, Crypto Trading, Ease of Use, and Overall.

    All in all, our testing found FOREX.com to be a great option for all trader types.

  • Pricing at FOREX.com is easy to understand, and competitive, thanks to a tiered discounts approach based on your total monthly trading volume.

    Forex trading program reviews

    FOREX.com also offers tight spreads on cryptocurrency CFDs.

Promo Offer:

Overall Summary

FeatureFOREX.com
Overall4 Stars
Trust Score93
Offering of Investments4 Stars
Commissions & Fees4.5 Stars
Platform & Tools4 Stars
Research4.5 Stars
Mobile Trading4 Stars
Customer Service3.5 Stars
Education4 Stars

Is FOREX.com Safe?

FOREX.com is considered low-risk, with an overall Trust Score of 93 out of 99. FOREX.com is publicly traded, does not operate a bank, and is authorised by four tier-1 regulators (high trust), zero tier-2 regulators (average trust), and one tier-3 regulators (low trust).

City Index is authorised by the following tier-1 regulators: Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC).

Admiral Markets Group consists of the following firms:

Learn more about Trust Score.

FeatureFOREX.com
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses0
Tier-3 Licenses1
Trust Score93

Offering of Investments

FOREX.com offers over 4,500 CFD instruments on its flagship platforms, including Web Trading and Advantage Trader web and desktop, alongside over 500 symbols on MetaTrader5 (MT5).

FeatureFOREX.com
Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)91
CFDs - Total Offered4500
Social Trading / Copy-TradingYes
Cryptocurrency traded as actualNo
Cryptocurrency traded as CFDYes

Commissions & Fees

Overall, FOREX.com’s pricing structure is competitive and easy to understand, helping the broker rank highly in our assessment.

Spreads comparison: Typical spreads for MetaTrader platform users were 1.3 pips on the EUR/USD using October 2019 data from FOREX.com.

The table below shows an average spread of 1 pip measured during Q3 2019 for the EUR/USD, applicable to the broker’s non-MT4 platforms. Average spreads at FOREX.com vary only slightly when comparing the broker's US offering with its pricing available outside the US to the rest of the world.

Active Trader program discounts: For high volume traders, FOREX.com offers an Active Trader program with five tiers of pricing. Level one starts with typical spreads of 1.2 pips on the EUR/USD for traders who have a balance of least $10,000.

The Best Forex Trading Platforms

Spreads are further reduced with each subsequent level as traders surpass specific month-to-date (MTD) trading volume thresholds. For example, level five ($500 million in MTD volume) brings spreads down to as low as 0.84 pips on the EUR/USD pair.

Dealer execution: FOREX.com is a market maker, which means it provides dealer execution, and its ability to execute a trade will not rely on a third party the way an agency broker does.

Forex trading program reviews

Therefore, trading with FOREX.com can result in potentially better dealer-execution in challenging market conditions, compared to an agency broker. Note: The broker also offers agency execution (see below).

Market execution (In the US only): FOREX.com offers a new Direct Market Access (DMA) account and execution method for its US offering.

The Best Forex Trading Platforms

As part of this DMA account type, the execution-style is agency-based, and the broker only charges a commission. This account type also provides greater discounts for the most active traders, compared to FOREX.com’s Active Trader program.

FeatureFOREX.com
Minimum Initial Deposit$50.00
Average Spread EUR/USD - Standard1 (as of Q3 19)
All-in Cost EUR/USD - Active0.7 (as of Q3 18)
Active Trader or VIP DiscountsYes

Platforms & Tools

FOREX.com provides forex traders everything they need, and more, to trade effectively.

Advanced Trading: FOREX.com’s flagship platform, Advanced Trading, is best suited for seasoned traders and comes with a robust charting package loaded with a large selection of technical indicators (139 total) and drawing tools.

Technical Analysis tools include automated technical analysis from Autochartist, which scans the markets for completed and emerging patterns and trade ideas. Also, more advanced traders can develop automated trading systems from the Automated Trading Center.

Web trading: Best suited for casual traders, FOREX.com’s Web Trading platform makes it easy to browse through markets, conduct research, analyze charts via Trading Central, and place trades.

FOREX.com’s alternative web platform is a white-labeled version of TradingView, a popular charting web app for technical analysis, which comes with 67 indicators.

Product Overview

While TradingView shines if you are focused solely on charting, the Web Trading platform would be my preferred choice between the two browser-based platforms at FOREX.com.

MetaTrader: While Forex.com's platform suite is already robust and finished Best in Class (top 7) in our testing, the broker also offers the complete MetaTrader suite, including both MT4 and MT5.

Gallery

Research

FOREX.com does a great job in centralizing its research within the Advanced Trading platform and keeping it well organized for traders to access easily.

Multiple news channels, automated pattern-recognition modules from Trading Central, real-time trade signals and analysis tools from Autochartist and Recognia and blog updates from FOREX.com’s global research team are all available.

Best option quotes site

Furthermore, FOREX.com offers a premium package with trading signals from Faraday research, which runs £720 per annum.

Gallery

Mobile Trading

FOREX.com’s AdvantageFX mobile app ranks highly compared to the best mobile apps in the forex industry thanks to clean navigation and a host of trading features.

Mobile research: Several of the highlight features include an economic calendar, integrated research, and signals from Trading Central, alerts, market updates, and news, and an easy way to scroll between prices, charts, and open positions.

Trading and managing positions within the mobile app are straightforward thanks to its fluid user interface and minimalist design.

Mobile charting: The app also automatically syncs watch lists and includes easy-to-use charts despite having only seven indicators and ten drawing tools.

Living off my bitcoin investments

Nonetheless, I was glad to find that indicators and drawing tools added in landscape mode save upon exiting the app.

MetaTrader: For traders who prefer MetaTrader, the MT4 and MT5 apps are also available.

Gallery

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK.

For our 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: 1 - 2 minutes
  • Average Net Promoter Score: 7.2 / 10
  • Average Professionalism Score: 7.4 / 10
  • Overall Score: 7.60 / 10
  • Ranking: 14 th (22 brokers)

Final Thoughts

FOREX.com is a trusted forex broker that shines thanks to its excellent offering of platforms, tools, research, and competitive pricing.

While customer service isn’t award-winning, FOREX.com delivers a great experience to forex traders of all experience levels. FOREX.com finished Best in Class across seven key categories, including Overall in 2020.

About FOREX.com

Founded in 1999, FOREX.com is part of GAIN Capital Holdings (NYSE: GCAP), which through its trading names and subsidiaries, including the City Index brand, today operates in multiple countries and with licenses in several major regulatory hubs, including the US, UK, Canada, Japan, and Australia.

Through its international offices, the GAIN Capital group employs over 800 staff and caters to over 200,000 retail and institutional clients.

The 19 Best Forex Training Courses for Beginners

As an early pioneer in offering online forex trading in the US, today, FOREX.com is one of the largest retail FX brokers globally, with over $1.3 billion in assets as of Q2 2019, and over 71,000 active clients as of August 2019.

FOREX.com Trading Features

FeatureFOREX.com
Virtual Trading (Demo)Yes
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
Social Trading / Copy-TradingYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
cTraderNo
Charting - Indicators / Studies (Total)139
Charting - Drawing Tools (Total)25
Charting - Trade From ChartYes
Watchlists - Total Fields18
Order Type - Trailing StopYes

FOREX.com Research Features

FeatureFOREX.com
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Weekly WebinarsYes
AutoChartistYes
Trading Central (Recognia)Yes
Delkos ResearchYes
Social Sentiment - Currency PairsYes
Economic CalendarYes

FOREX.com Mobile App Features

FeatureFOREX.com
Android AppYes
Apple iOS AppYes
Trading - ForexYes
Trading - CFDsYes
Alerts - Basic FieldsYes
Watch ListYes
Watch List SyncingYes
Charting - Indicators / Studies7
Charting - Draw Trend LinesYes
Charting - Trend Lines MoveableYes
Charting - Multiple Time FramesYes
Charting - Drawings AutosaveYes
Forex CalendarYes

2019 Review Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period.

Should You Join These Funded Trading Programs? (Watch This First!)

Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

Trading Software Reviews



All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust.

Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities.

Forex trading program reviews

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com.

Ready to learn about forex?

Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.